US Senator Lummis introduces bill to exempt certain crypto transactions from taxation

US Senator Cynthia Lummis introduces a draft bill aiming to exempt certain crypto transactions from taxation and defer taxes on mining and staking rewards. The GENIUS Act sets clear standards for stablecoins, potentially attracting traditional finance players to DeFi services. Chainlink launches a compliance framework to unlock over $100 trillion in institutional capital.

DeFi protocol Ondo Finance and Pantera Capital plan to invest $250 million in tokenizing real-world assets. PancakeSwap reports a record $325 billion in trading volume in June, doubling Q2 volume to $530 billion. FATF’s Travel Rule aligns crypto regulations globally, hinting at a potential regulatory crackdown on stablecoins and DeFi.

Crypto losses reach $2.47 billion in the first half of 2025, with the second quarter seeing a decline in the total number of hacks. Despite the spike in losses, the security landscape remains stable. In the DeFi market, most of the top cryptocurrencies ended the week positively, with Pudgy Penguins and Bonk tokens leading the gains.

Read more at Cointelegraph: Senator Lummis’s Crypto Bill May End Double Taxation